Estate Planning and Fiduciary Management

Coleman Law Firm

A fiduciary is a person who holds something in trust for another, such as management of assets. In estate planning, fiduciaries are deemed to have a great deal of power and authority in the management of one’s affairs and may be empowered to make decisions that are delicate and difficult when you, the testator, are not able. When planning your estate you will need to appoint one or more fiduciaries, and a Clearwater estate attorney will help in this regard.

Who Can Be Named Fiduciaries to Manage the Estate?

It is the duty of the named fiduciary to act on behalf of the testator and carry out responsibilities that serve his best interests. A fiduciary may be a person, but it may also be an entity. For instance, a tax advisor can be a fiduciary, but a bank, or your Clearwater estate law firm, may also assume this role.

It is important to point out that you should appoint individuals whom you feel are best suited to the various roles. You might also name one person to take on all of the fiduciary responsibilities. There is good reason for this. The individual you name must be someone you implicitly trust, one who you literally trust with your life. Moreover, you need to make sure that the person you name does not have a personal stake in your estate. This may exclude a spouse. The fiduciary may need at some point to make difficult decisions regarding the medical status of the testator, which may be hard for a spouse to do. You must also make sure that the person you name will not cause undue conflict in the family.

What Are the Specific Functions of the Fiduciary?

The fiduciary may make decisions when you are deemed incapacitated and unable to do so for yourself. Also, the fiduciary will carry out functions such as investing funds held in trust, offering financial planning advice and paying taxes. Your Clearwater estate attorney will tell you that when you choose the fiduciary, there are matters you need to consider:

  • Does the person have sufficient knowledge of financial matters to help?
  • Does he/she want to take on the role?
  • Does the person live nearby, and will he/she be available when needed?

A Clearwater Estate Law Firm Can Help

If you are planning your estate and need to name fiduciaries, consult with a Clearwater estate attorney. Call Coleman Law Firm to arrange a meeting at 727-461-7474.

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